5,097 AppFolio, Inc. $APPF Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management reduced its AppFolio stake by 26.4%, selling 5,097 shares and retaining 14,206 shares valued at approximately $2.85 million. Institutional investors and hedge funds collectively own 85.19% of the company.
• AppFolio reported quarterly revenue of $281.12 million and EPS of $1.71, exceeding analyst estimates, while revenue rose 19.3% year over year. Shares opened at $217.20, with a price-to-earnings ratio of 49.59.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $245.38, although UBS downgraded the stock to “neutral.” Insiders sold $27.94 million worth of shares during the latest quarter.

Assenagon Asset Management S.A. cut its position in AppFolio, Inc. (NASDAQ:APPF - Free Report) by 26.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,206 shares of the software maker's stock after selling 5,097 shares during the period. Assenagon Asset Management S.A.'s holdings in AppFolio were worth $2,849,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Versant Capital Management Inc boosted its position in shares of AppFolio by 18.6% during the 3rd quarter. Versant Capital Management Inc now owns 536 shares of the software maker's stock worth $107,000 after acquiring an additional 84 shares in the last quarter. Parallel Advisors LLC increased its holdings in shares of AppFolio by 25.1% in the 1st quarter. Parallel Advisors LLC now owns 703 shares of the software maker's stock valued at $111,000 after acquiring an additional 141 shares during the last quarter. Optiver Holding B.V. increased its holdings in shares of AppFolio by 827.8% in the 1st quarter. Optiver Holding B.V. now owns 167 shares of the software maker's stock valued at $26,000 after acquiring an additional 149 shares during the last quarter. DGS Capital Management LLC raised its position in shares of AppFolio by 5.8% during the 1st quarter. DGS Capital Management LLC now owns 2,883 shares of the software maker's stock worth $455,000 after acquiring an additional 158 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its position in shares of AppFolio by 7.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,723 shares of the software maker's stock worth $430,000 after acquiring an additional 199 shares in the last quarter. 85.19% of the stock is currently owned by institutional investors and hedge funds.

AppFolio Stock Performance

Shares of AppFolio stock opened at $217.20 on Thursday. The company has a market cap of $7.69 billion, a P/E ratio of 49.59 and a beta of 0.89. The firm has a fifty day moving average of $211.90 and a two-hundred day moving average of $182.36. AppFolio, Inc. has a one year low of $142.56 and a one year high of $265.02.

AppFolio (NASDAQ:APPF - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The software maker reported $1.71 EPS for the quarter, beating the consensus estimate of $1.69 by $0.02. AppFolio had a return on equity of 32.42% and a net margin of 15.13%. The business had revenue of $281.12 million during the quarter, compared to analysts' expectations of $277.35 million. During the same period last year, the firm earned $1.38 EPS. The company's quarterly revenue was up 19.3% compared to the same quarter last year. As a group, equities analysts predict that AppFolio, Inc. will post 5.18 earnings per share for the current year.

Insider Activity at AppFolio

In other news, major shareholder Maurice Duca sold 2,656 shares of the firm's stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $221.85, for a total transaction of $589,233.60. Following the completion of the transaction, the insider directly owned 8,000 shares of the company's stock, valued at $1,774,800. This trade represents a 24.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Timothy Eaton sold 373 shares of the stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $202.61, for a total value of $75,573.53. Following the sale, the chief financial officer owned 16,714 shares in the company, valued at approximately $3,386,423.54. This trade represents a 2.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 141,817 shares of company stock worth $27,942,484 over the last quarter. Company insiders own 1.57% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Keefe, Bruyette & Woods raised their price objective on shares of AppFolio from $233.00 to $255.00 and gave the stock an "outperform" rating in a report on Wednesday. Guggenheim assumed coverage on shares of AppFolio in a report on Wednesday, July 22nd. They issued a "buy" rating and a $232.00 target price for the company. Zacks Research downgraded shares of AppFolio from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, September 23rd. DA Davidson set a $240.00 target price on shares of AppFolio in a research report on Monday, September 28th. Finally, UBS Group lowered shares of AppFolio from a "buy" rating to a "neutral" rating and set a $220.00 price target on the stock. in a research note on Wednesday, October 7th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $245.38.

AppFolio Company Profile

AppFolio, Inc is a cloud-based software company that provides technology solutions for the real estate industry. Its platform is designed primarily for property management businesses, helping them manage accounting, leasing, maintenance, communications, payments, reporting and other operational activities through a centralized system.

The company's products serve a range of property managers, including those overseeing residential, commercial, community association, student housing and senior living properties.

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